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Jun 30, 2021
Brandywine Q2 2021 Earnings Report
Reported financial and operating results for the second quarter of 2021 and narrowed 2021 guidance.
Key Takeaways
Brandywine Realty Trust reported a net loss to common shareholders of ($0.3) million, or less than ($0.01) per share, and FFO of $55.9 million, or $0.32 per share. The company narrowed its speculative revenue guidance range, increasing the midpoint by $0.5 million and achieving 98% of the revised midpoint. Positive mark-to-market rents increased 22% and 14% on an accrual and cash basis.
Net loss to common shareholders was ($0.3) million, or less than ($0.01) per share.
Funds from Operations (FFO) was $55.9 million, or $0.32 per share.
Rental Rate Mark-to-Market increased 22.2% / 13.7% on accrual / cash basis.
Speculative Revenue Range narrowed from $18.0-$22.0 million to $20.0-$21.0 million, with 98% achieved.
Revenue by Segment
Forward Guidance
Brandywine Realty Trust is adjusting its 2021 earnings per share guidance of $0.28 - $0.36 to $0.25 - $0.31 per diluted share and 2021 FFO guidance of $1.33 - $1.41 to $1.34 - $1.40 per diluted share.
Positive Outlook
- Year-end Core Occupancy Range: 91-93%
- Year-end Core Leased Range: 92-94%
- Rental Rate Mark-to-Market (accrual): 14-16%
- Rental Rate Mark-to-Market (cash): 8-10%
- Same Store (cash) NOI Range: 3-5%
Challenges Ahead
- Same Store (accrual) NOI Range: 0-2%
- Tenant Retention Rate Range: 51-53%
- Property Acquisition Activity: None
- Property Sales Activity: None
- Financing Activity: None
Historical Earnings Impact
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Avg. Return Before/After Earnings
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